The seminar, "The 2009 trade outlook with US trade policies under the Obama Administration and Considerations for Viet Nam", was organised by the Viet Nam Chamber of Commerce and Industry (VCCI).

The seminar provided information about the US trade situation under the new government and its new international trade policies for local organisations, associations, enterprise and research institutes so that they would have perfect preparation when time comes for export.

Speaking at the seminar, former senior officer of the United States Trade Representative (USTR) Jay L. Eizenstat said: "The Obama Administration plans to give some trade priorities such as promulgating new trade enforcement and litigation, the Trans-Pacific Partnership (TTP) agreement and especially bilateral investment treaty negotiations with China, India and Viet Nam".

"TTP is a high-class tool promoting competition among member countries and stimulating investment, commerce and economic growth. Participating in TTP will bring much benefit to Viet Nam," said Nguyen Thu Trang, an officer at the VCCI Legal Department.

Eizenstat added that the US also considers Viet Nam’s Generalised System of Preferences (GSP) eligibility as a precursor to deeper trade relations between the two countries.

GSP eligibility could be a gateway to real economic gains and has already shown growth in US imports from Viet Nam.

Eizenstat also said the import monitoring programme for Viet Nam is likely to continue at the outset of the Obama administration.

The deputy general secretary of the Viet Nam Garment and Textile Association, Nguyen Son, said: "This year is a difficult period for the domestic garment industry, proven by a 10.3 per cent year-on-year decrease in textile and garment export turnover to the US in January."

Son confirmed that Viet Nam would try its best to reduce expenditures and improve production capabilities; he also hopes to see optimistic signs from the new administration to overcome the difficult situation.

In terms of wood and furniture exports to the US, Cao Vinh Hai of the Viet Nam Timber and Forest Product Association said: "The US market seemed to become stricter with Viet Nam imports when the Lacey Act was adopted, with many severe technical requirements, at the same time the domestic wood industry faces a lot of its own difficulties."

However, Hai said that wood products are essential for daily life and believes there are still many growth prospects considering the financial decline will only last for a limited time.

Hai suggested that domestic furniture exporters should reform and make changes to their expenditures, labour force and quality, and also focus more on developing the local market.

VCCI introduced a new website chongbanphagia.vn to help domestic exporters keep track of information relating to US anti-dumping and anti-subsidising policies.

The total bilateral trade between Viet Nam and the US from 2005-2007 grew from US$7.7 to 12 billion. Growth continued from 2007-2008 at a tremendous pace.

Source: Vietnamn News